Quarterly report pursuant to Section 13 or 15(d)

Warrant Liability (Tables)

v2.4.0.6
Warrant Liability (Tables)
3 Months Ended
Mar. 31, 2013
Warrant Liability [Abstract]  
Schedule of Warrant Liability Fair Value Assumptions
The warrant liability was valued using the Black-Scholes option valuation model and the following assumptions on the following dates:

   
March
31,
2013
   
March
4,
2013
 
Expected life
 
5.88 years
   
6.00 years
 
Risk-free interest rate
   
0.86
%
   
0.86
%
Dividend yield
   
0.00
%
   
0.00
%
Volatility
   
48
%
   
48
%
Warrants outstanding
   
131,250
     
131,250
 
Fair value of warrants
 
$
304,560
   
$
415,368
 

Schedule of Changes in Fair Value of Warrant Liability
The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:

Beginning balance
  $ --  
Initial warrant valuation
    (415,368 )
 
Net unrealized gain
    110,808  
Ending balance
  $ (304,560 )